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A Landlord’s Pain

Posted by AMR on 13/12/2022

Landlords go through a lot to run their property successfully. From finding the right tenants, to keeping up with maintenance, while trying to turn a profit, and remember all of the current rental laws. There are a lot of things they have to deal with, and a lot of things that can go wrong.

Investment property owners – here is a list of painful responsibilities that need to be taken care of if you become a landlord – unless you decide to pass them off to a property manager, of course!

Choosing the right tenants

Finding the right tenants is the most important part of managing your rental. This involves finding the prospective tenants, having them fill out an application, screening them, and doing credit, background, and reference checks.

During this whole process, it is also important to know the laws surrounding the Residential Tenancy Act. If you wrongly discriminate against someone, or don’t follow the proper laws in the process of leasing, then you could find yourself tied up in court or with LTB hearings.

Always being available

Property management does not sleep. Maintenance emergencies can happen in the middle of the night, issues with your renters could arise while you are on vacation, or your property may need new tenants during a busy time in your life.

When you are a landlord, you have to get used to your phone ringing a lot, and you need to be prepared to answer it. This reason alone is why many people choose to hire a property manager, as they can have peace of mind knowing someone else is there for all of the emergencies and last minute requests.

Knowing the laws

There are so many laws to know in the Ontario Residential Tenancy Act, and as a landlord it is crucial to follow them. From creating a proper lease, to giving notice of entry, to evicting someone, there is a wide array of laws to stay on top of, and proper paperwork to file. If you as a landlord want to protect your assets, maintain a good relationship with your tenants, and avoid spending time in court or at LTB hearings, then it will be crucial to follow them.

Having great marketing

Marketing a rental property involves a lot of aspects such as great photography, a well written listing, and cross posting it to the right sites. You will also need to do research and know your market to set the right rates.

You also need to have excellent organizational skills to screen and set up showings, and must know how to work with a sense of urgency to get your place rented quickly in order to not lose quality prospective tenants.

It can also be a very competitive to get properties rented, so it is important to know your market, be confident and knowledgeable about running your property, and present well as a landlord so that prospective tenants want to rent from you.

Chasing down rent

With mortgages and bills to pay, it can be very difficult for a landlord to deal with a tenant that is late in paying rent, or not sending it at all. It can be very time consuming to have to chase them down, and it is also important to know the laws in filing a notice and dealing with evictions if it comes down to it.

Under the Residential Tenancies Act in Ontario, it is also illegal for a landlord to charge a tenant a late payment or interest fee, which means any time spent chasing down rent money won’t be reimbursed to you.

Staying on top of maintenance

It is crucial that a landlord is organized and prepared when it comes to general maintenance and emergencies. Not only will you need to know who to call for different types of issues that may arise, you will also need to have a plan in effect for things like snow removal, lawn maintenance, annual fire code checks, gutter cleaning, and yearly inspections.

Some landlords decide to do many of these things themselves, while others have a list of contractors in their phone. And many choose to hire a property manager for this reason alone

These are just a few of the difficulties landlords have to stay on top of in order to successfully run a rental property.

Or you could also consider a qualified Property Manager. 

What Does a Property Management Company Do?

Property managers help save homeowners time and stress, by dealing with tenants directly. We can market your rentals, ensure leases are properly created, collect rent, take care of maintenance and repairs, respond to tenant’s complaints, and handle legalities such as evictions.

AMR has 25 years experience in Residential Property Management.   We are here to discuss your portfolio and management concerns.    

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